Planet Fitness (NYSE:PLNT) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Planet Fitness (NYSE:PLNT) posted its quarterly earnings results on Thursday. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.57 by $0.07, Briefing.com reports. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The business had revenue of $292.20 million during the quarter, compared to analyst estimates of $283.79 million. During the same period in the previous year, the business posted $0.59 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Planet Fitness updated its FY 2024 guidance to 2.420-2.440 EPS.

Planet Fitness Stock Performance

Shares of PLNT stock traded up $1.14 during midday trading on Friday, reaching $95.31. 1,982,660 shares of the company were exchanged, compared to its average volume of 1,555,188. Planet Fitness has a 12 month low of $54.35 and a 12 month high of $98.59. The company has a market cap of $8.12 billion, a P/E ratio of 52.36, a PEG ratio of 2.84 and a beta of 1.49. The company’s 50 day moving average price is $81.75 and its two-hundred day moving average price is $74.78.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PLNT shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Planet Fitness in a report on Friday, September 27th. They issued a “hold” rating and a $71.00 price target for the company. Macquarie reaffirmed a “neutral” rating and issued a $99.00 price target (up from $91.00) on shares of Planet Fitness in a report on Friday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $87.00 price target (up from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. BNP Paribas raised shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 target price for the company in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Planet Fitness from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Planet Fitness presently has an average rating of “Moderate Buy” and an average target price of $91.81.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.